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Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Portfolio of Securities Available for Sale

The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at March 31, 2021 and December 31, 2020:

		March 31, 2021
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates		$	1,183,746			$	40,473			$	14,901			$	1,209,318
GSE CMOs			2,007,855				28,837				50,422				1,986,270
Total mortgage-related debt securities		$	3,191,601			$	69,310			$	65,323			$	3,195,588
Other Debt Securities:
U. S. Treasury obligations		$	64,993			$	5			$	—			$	64,998
GSE debentures			1,433,280				2,693				67,632				1,368,341
Asset-backed securities (1)			520,111				4,030				3,368				520,773
Municipal bonds			25,715				482				186				26,011
Corporate bonds			870,886				16,594				5,410				882,070
Foreign notes			25,000				993				—				25,993
Capital trust notes			95,621				6,823				8,313				94,131
Total other debt securities		$	3,035,606			$	31,620			$	84,909			$	2,982,317
Total debt securities available for sale		$	6,227,207			$	100,930			$	150,232			$	6,177,905
Equity Securities:
Mutual funds			15,814				116				129				15,801
Total equity securities		$	15,814			$	116			$	129			$	15,801
Total securities (2)		$	6,243,021			$	101,046			$	150,361			$	6,193,706

(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2) Excludes accrued interest receivable of $14.8 million included in other assets in the Consolidated Statements of Condition.

		December 31, 2020
(in thousands)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates		$	1,155,436			$	54,310			$	136			$	1,209,610
GSE CMOs			1,786,896				44,691				2,872				1,828,715
Total mortgage-related debt securities		$	2,942,332			$	99,001			$	3,008			$	3,038,325
Other Debt Securities:
U.S. Treasury obligations		$	64,984			$	1			$	—			$	64,985
GSE debentures			1,158,253				3,998				3,949				1,158,302
Asset-backed securities (1)			530,226				2,576				5,703				527,099
Municipal bonds			25,776				625				90				26,311
Corporate bonds			870,745				17,928				6,447				882,226
Foreign notes			25,000				538				—				25,538
Capital trust notes			95,507				5,540				10,500				90,547
Total other debt securities		$	2,770,491			$	31,206			$	26,689			$	2,775,008
Total other securities available for sale		$	5,712,823			$	130,207			$	29,697			$	5,813,333
Equity Securities:
Preferred stock		$	15,292			$	201			$	—			$	15,493
Mutual funds			15,814				269				—				16,083
Total equity securities		$	31,106			$	470			$	—			$	31,576
Total securities(2)		$	5,743,929			$	130,677			$	29,697			$	5,844,909

(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2) Excludes accrued interest receivable of $14.9 million included in other assets in the Consolidated Statements of Condition.  

Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities

The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the three months ended March 31, 2021 and 2020:

		For the Three Months Ended March 31,
(in thousands)		2021				2020
Gross proceeds		—				$	369,972
Gross realized gains			—				1,811
Gross realized losses			—				1,062

Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity

The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2021:

		Mortgage- Related Securities				Average Yield				U.S. Government and GSE Obligations				Average Yield				State, County, and Municipal				Average Yield (1)				Other Debt Securities (2)				Average Yield				Fair Value
(dollars in thousands)
Available-for-Sale Debt Securities:
Due within one year		$	23,017				3.76		%	$	75,943				0.54		%	$	—				—		%	$	49,817				3.01		%	$	149,348
Due from one to five years			361,118				3.18				21,924				3.52				—				—				223,181				1.87				637,035
Due from five to ten years			175,554				2.48				238,052				2.16				19,840				3.51				706,390				2.03				1,146,853
Due after ten years			2,631,912				1.98				1,162,354				1.53				5,875				3.33				532,230				1.25				4,244,669
Total debt securities available for sale		$	3,191,601				2.16		%	$	1,498,273				1.61		%	$	25,715				3.47		%	$	1,511,618				1.76		%	$	6,177,905

(1) Not presented on a tax-equivalent basis.

(2) Includes corporate bonds, capital trust notes, and asset-backed securities.

Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position

The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2021:

		Less than Twelve Months								Twelve Months or Longer								Total
(in thousands)		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Temporarily Impaired Securities:
GSE certificates		$	323,281			$	14,901			$	—			$	—			$	323,281			$	14,901
GSE CMOs			918,257				50,422				—				—				918,257				50,422
GSE debentures			1,244,721				67,633				—				—				1,244,721				67,633
Asset-backed securities			112,149				405				179,063				2,962				291,212				3,367
Municipal bonds			—				—				8,744				186				8,744				186
Corporate bonds			—				—				319,590				5,410				319,590				5,410
Capital trust notes			—				—				35,601				8,313				35,601				8,313
Equity securities			11,676				129				—				—				11,676				129
Total temporarily impaired securities		$	2,610,084			$	133,490			$	542,998			$	16,871			$	3,153,082			$	150,361

The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2020:

		Less than Twelve Months								Twelve Months or Longer								Total
(in thousands)		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Temporarily Impaired Securities:
U. S. Treasury obligations		$	—			$	—			$	—			$	—			$	—			$	—
U. S. Government agency and GSE    obligations			58,876				136				—				—				58,876				136
GSE certificates			442,207				2,807				73,568				65				515,775				2,872
GSE CMOs			522,441				3,949				—				—				522,441				3,949
Asset-backed securities			—				—				363,618				5,703				363,618				5,703
Municipal bonds			—				—				8,891				90				8,891				90
Corporate bonds			72,024				2,976				246,528				3,471				318,552				6,447
Foreign notes			—				—				—				—				—				—
Capital trust notes			—				—				33,393				10,500				33,393				10,500
Equity securities			—				—				—				—				—				—
Total temporarily impaired securities		$	1,095,548			$	9,868			$	725,998			$	19,829			$	1,821,546			$	29,697

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Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Name Accounting Standards Codification
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